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Hmm, ice cubes in whatever will not change the level when melting. Same as sea ice. Only land based ice can add to the sea level. There are glaciers melting and there are glaciers that are growing, rain in the polar areas are usually snow, even in the summer. The melting is from warmer sea water circulation.
This is the first time I have heard about South Sea Islands sinking? I have only heard about rising coral islands so far. The sinking islands I have heard about was just in a fiction movie.
But everywhere the sea levels have been both much higher and lower in the past so building new hotel resorts on islands that are not higher than me over the sea, is certainly taking a risk...
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